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Automaker Ford Motor Co (NYSE:F) has hit health insurance provider Blue Cross Blue Shield Association with an antitrust lawsuit.
What Happened: The automaker alleged that the insurer fixed prices and reduced competition in a bid to increase health service costs and reap ‘astronomical profits.’ The lawsuit was filed in the U.S. district court for Michigan.
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As a result of the ‘conspiracy,’ Ford was overcharged for the commercial health insurance products it purchased from the insurer’s entities, the company said.
The lawsuit is related to the class action litigation which the insurer settled in part for about $2.7 billion in 2020. Ford, however, opted out of the settlement to pursue its claims against the company.
Why It Matters: Ford is now seeking to recover three times the amount of actual damages from the company.
The Michigan-based auto giant said it had spent more than $500 million on premiums since 2009 and alleged in its 40-page complaint of a scheme to curtail competition among Blue Cross Shield organizations.
The lawsuit noted that the Blue Cross Shield of Michigan was the ninth-largest insurer in the U.S. based on 4.5 million enrollees.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.